We use cookies to improve site performance and enhance your user experience. If you'd like to disable
cookies on this device, please see our
cookie management page. If you close this message or continue to use this site, you consent
to our use of cookies on this devise in accordance with our
cookie policy, unless you disable
them.

More on this story

Peter Mann, chief executive of Skandia UK, said there will be a tiered single platform charge based on the level of customer assets on the platform.

Mr Mann said: “There is a lot of focus on price within the industry but for advisers and customers I think sustainability and user experience are equally important.

“We have priced our platform of the future at a point where we will be able to support advisers and customers for the long term as well as continuing to lead the way in the development of the platform market.”

The charge for a Skandia customer with £125,000 will be £25,000 at 0.50 basis points, £75,000 at 0.35 basis points and £25,000 at 0.30 basis points, resulting in an effective rate of 0.37 basis points.

Anyone with less than £20,000 will pay £8.33 a month.

Skandia pension customers with £250,000 held on the platform, the Skandia charge will be 0.34 basis points. The existing fee for pension drawdown will be £56 a year.